TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 26, 2021


Previous analysis… https://analysis.tfxi.com/2021/04/23/triumphfx-intraday-forex-analysis-1-hour-charts-april-23-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around the horizontal levels at 0.7705 and 0.7760.

The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and moving sideways. Price is up-trending on higher time-frames, suggesting that the AUDUSD could move higher.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.7635, 0.7660, 0.7670, 0.7700, 0.7760 and 0.7805.

The Reserve Bank of Australia (RBA) continue to keep the official interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024. Unemployment rates are expected to over coming months. An unemployment rate of 6% is expected for the end of 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

There is no major scheduled news today that will directly impact this currency pair.

EURGBP

EURGBP 1 Hour Chart

Price has been finding resistance around 0.8715, as suggested in our last analysis.

The EURGBP continues to be indecisive and lack trend momentum. The moving averages are currently bullish and widening though, signalling that price may move higher.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8595, 0.8615, 0.8640, 0.8670 and 0.8720. If the EURGBP closes above 0.8720, price may attempt a bullish move higher.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

There is no major scheduled news today that will directly impact this currency pair.

EURUSD

EURUSD 1 Hour Chart

As suggested in Friday’s analysis, the EURUSD reversed around the bullish channel support area and around 1.1995.

Price is clearly up-trending – the EURUSD has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue. Price is moving within a bullish channel.

Opportunities to go long may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizonal levels at 1.2070, 1.1995, 1.1945 and 1.1920. A bullish move could be rejected or reverse around the channel resistance area.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

There is no major scheduled news today that will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD found resistance around the diagonal resistance area, as suggested in Friday’s chart analysis.

Price continues to be indecisive. The moving averages have been crossing frequently, confirming the current indecision. The GBPUSD is up-trending on higher time-frames, suggesting that price may become bullish.

Trading opportunities could exist around the moving averages, around the diagonal support areas and around any of the horizontal levels at 1.3720, 1.3800, 1.3815, 1.3835, 1.3905, 1.3945 and 1.4005.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

There is no major scheduled news today that will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price found support around 1.2475.

USDCAD has since been bearish and has broken the support area. Price has swung below the recent consolidation area, signalling a potential downtrend. The moving averages are currently bearish – confirming the potential downside. USDCAD is also down-trending on higher time-frames.

Opportunities to go short may exist around the bearish moving averages and around the horizontal levels at 1.2470, 1.2510, 1.2540, 1.2555 and 1.2575.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

There is no major scheduled news today that will directly impact this currency pair.

USDCHF 

USDCHF 1 Hour Chart

Price reversed around 0.9185, as suggested in our last chart analysis.

USDCHF has been down-trending but is starting to become indecisive. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities could exist around the moving averages, around the previous diagonal resistance area (as support) and around the horizontal levels at 0.9130, 0.9185, 0.9215, 0.9245, 0.9255, 0.9275, 0.9300.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until 2022. The SNB are expecting economic growth from the 2nd quarter of 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

There is no major scheduled news today that will directly impact this currency pair.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, USDJPY has reversed around the longer-term moving average.

Price is clearly down-trending – price action has formed a large series of lower swing highs and lower swing lows. USDJPY is moving within a clear bearish channel.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 108.20, 108.45, 108.65, 108.90, 109.05, 109.30 and 109.75. A bearish move could stall or reverse around the recent swing low at 107.50.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

There is no major scheduled news today that will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish.

Price has become indecisive and is moving sideways. The moving averages are tight and also moving sideways – confirming the market indecision. GOLD may start ranging between the horizontal levels at 1768 and 1796.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around the horizontal levels at 1757, 1748, 1735 and 1722.

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